WASHINGTON, July 28, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Construction Sustainable Materials Market is projected to experience substantial growth in the near future. This growth can be attributed to the growing awareness of environmental concerns and the rising demand for energy-efficient buildings.
The Global Construction Sustainable Materials Market is valued at USD 293 Billion by 2030 and is expected to exhibit a CAGR of 10.6% during the forecast period 2023 to 2030. The Global Construction Sustainable Materials Industry is projected to reach a value of USD 595 Billion by 2030.
The Construction Sustainable Materials Market is gaining momentum as the construction industry increasingly embraces environmentally friendly and low-carbon footprint materials. These sustainable materials play a vital role in mitigating the environmental impact of buildings and infrastructure projects. The rising awareness of construction's ecological footprint, along with stringent regulations by governments and regulatory bodies worldwide to reduce carbon emissions, is a key driver propelling the growth of the sustainable materials market.
One of the driving forces behind the increasing adoption of sustainable materials in the construction industry is the growing demand for energy-efficient buildings. Sustainable materials like recycled steel, bamboo, and earth-based options offer excellent insulation properties, helping to reduce overall energy consumption in buildings. As a result, the construction sector is witnessing a significant shift towards incorporating these eco-friendly materials in various projects.
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Market Dynamics: Construction Sustainable Materials Market
Advancing Sustainability in Construction: Embracing Eco-Friendly Materials
The construction industry is undergoing a profound shift towards sustainability, recognizing the critical importance of reducing its environmental impact. In response to mounting environmental concerns, the industry is actively embracing sustainable materials that align with eco-friendly principles. These materials not only reduce the depletion of finite resources but also minimize carbon emissions and waste generation.
One of the cornerstones of this sustainable approach is the utilization of materials derived from renewable resources. By opting for materials that can be replenished naturally, the construction industry can contribute to a more sustainable future. Examples of such materials include bamboo, which grows rapidly and can be used for various structural and finishing elements, as well as cork, which is harvested from the bark of cork oak trees without causing harm to the tree.
Construction Industry's Pursuit of Low-Carbon Materials
The construction sector is increasingly seeking materials with a low carbon footprint. These materials are characterized by energy-efficient manufacturing processes that minimize greenhouse gas emissions. By selecting low-carbon materials, the industry can proactively address climate change concerns and align with global efforts to reduce carbon emissions.
Top Companies in the Global Construction Sustainable Materials Market
- BASF SE (Germany)
- Forbo International SA (Switzerland)
- Interface Inc. (U.S.)
- Bauder Ltd. (UK)
- DuPont (U.S.)
- Kingspan (Ireland)
- Alumasc Group PLC (UK)
- Amvic Inc. (Canada)
- LafargeHolcim (Switzerland)
- PPG Industries Inc. (U.S.)
- PCL Constructors Inc
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Top Trends in Construction Sustainable Materials Market
The construction industry is undergoing a significant transformation, embracing recycled materials as eco-friendly alternatives to conventional building components. This shift is motivated by two crucial factors: environmental consciousness and the pursuit of cost-effective solutions. Simultaneously, the escalating concerns surrounding climate change have spurred a surging demand for low-carbon materials in construction, capable of curbing greenhouse gas emissions. Consequently, sustainable construction materials are gaining prominence across the sector.
One of the primary drivers for adopting recycled materials is their positive impact on the environment. By utilizing recycled materials, the construction industry can substantially reduce the burden on natural resources. Traditional building materials like concrete and steel require extensive mining and energy-intensive manufacturing processes, resulting in significant carbon emissions and depletion of non-renewable resources. In contrast, recycled materials minimize waste, conserve energy, and decrease the overall carbon footprint, contributing to a more sustainable construction ecosystem.
Moreover, sustainable materials present an attractive prospect due to their cost-effectiveness. While initial expenses may vary, the long-term benefits of using recycled materials can outweigh those of conventional counterparts. Reduced waste disposal costs, lower energy consumption during manufacturing, and potentially longer lifecycle make them economically viable options for construction projects. As more construction companies recognize the economic advantages, the adoption of sustainable materials continues to rise.
Top Report Findings
- By Product Type, the structural segment is expanding the Construction Sustainable Materials Market over the forecast period 2023 to 2030.
- By Application, the insulation segment is leading the major market share globally during the forecast period 2023 to 2030.
- By End User, the residential segment is accounting for the largest market share across the globe in the forecast period 2023 to 2030.
- In 2022, North America dominated the market with the highest revenue share of 42%.
- Asia Pacific will grow at a highest CAGR from 2023-2030.
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Overcoming Challenges of Construction Sustainable Materials Industry
One of the significant challenges in the widespread adoption of sustainable materials in the construction industry is their higher cost compared to traditional materials. The eco-friendly production processes and the limited availability of these materials contribute to their elevated price point. As a result, some construction companies may be deterred from incorporating sustainable materials into their projects, especially when cost considerations play a significant role in decision-making.
The production of sustainable materials often involves more intricate and resource-efficient methods, which can lead to higher production costs. For example, the manufacturing of recycled materials or the extraction of certain renewable resources may require specialized equipment and processes, driving up expenses. Additionally, the relatively smaller scale of sustainable material production, compared to well-established conventional materials, can also contribute to their higher costs.
Global Construction Sustainable Materials Market Segmentation
By Product Type
- Interior
- Exterior
- Structural
- Other Product Types
By Application
- Insulation
- Interior Finishing
- Exterior Siding
- Roofing
- Framing
- Other Applications
By End User
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Construction Sustainable Materials Market Forecast Report (2023-2030).
Exploring Opportunities:
Continuous advancements in material technology have become a catalyst for the evolution of sustainable materials in the construction industry. Researchers and innovators are tirelessly exploring new possibilities, pushing the boundaries of traditional construction materials, and uncovering promising alternatives that align with eco-friendly principles. Bio-based materials, like bamboo and hemp, have emerged as standout candidates for sustainable construction. Bamboo, with its exceptional strength-to-weight ratio, is gaining recognition as an alternative to conventional structural elements like steel and timber. Not only does bamboo grow rapidly, making it a renewable resource, but its cultivation also has a significantly lower environmental impact compared to other materials.
Similarly, hemp, traditionally known for its use in textiles, is now being recognized for its potential in construction applications. Hempcrete, a composite material made from hemp fibers and a lime-based binder, is an excellent example. Hempcrete offers impressive thermal insulation properties and is not only renewable but also carbon-negative, meaning it absorbs more carbon dioxide than is emitted during its production and use.
Recent Development
- In May 2023, PPG announced its ambitious sustainability plans for the future, targeting greenhouse gas (GHG) emissions reduction. The Science Based Targets initiative (SBTi) approved these targets, validating their commitment to environmental responsibility. The company has also made significant progress in its environmental, social, and governance (ESG) priorities. Notably, PPG reported increased sales of sustainably sourced goods, improved operational efficiency, and notable strides in promoting diversity.
- In October 2022, BASF, a leading chemical company, reaffirmed its commitment to sustainability across all aspects of its operations. Within the construction sector, BASF has introduced innovations and advanced systems that adhere to strict sustainability standards. The focus is on developing future-proof materials that contribute to intelligent insulation in modern construction practices.
- In October 2022, PCL Constructors Canada Inc. achieved remarkable sustainability milestones with its construction projects. The Centre for Addiction and Mental Health’s (CAMH) McCain Complex Care and Recovery Centre, Crisis and Critical Care Building, and Mackenzie Health's Cortellucci Vaughan Hospital, all designed and built by PCL Constructors Canada Inc., received LEED® Certification.
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Regional Analysis
The North American region has emerged as the dominant force in the global Construction Sustainable Materials market, holding a substantial market share. This prominence can be attributed to several factors driving the adoption of sustainable materials in construction within the region. One of the primary catalysts behind the growth of this market in North America is the proactive approach of governments in promoting the use of sustainable materials. Both federal and local authorities have implemented stringent regulations and policies aimed at curbing carbon emissions and fostering green building practices. By mandating the incorporation of sustainable materials in construction projects, these regulations have spurred a surge in demand for eco-friendly alternatives.
Furthermore, the increasing consumer awareness and demand for sustainable buildings have contributed significantly to the market's expansion. Today's consumers are more environmentally conscious and seek eco-friendly options in all aspects of their lives, including the buildings they inhabit. As a result, there is a rising preference for structures constructed using sustainable materials that minimize environmental impact. The competitive landscape of the North America Construction Sustainable Materials market is robust, characterized by the active presence of numerous international and regional players. This competitive environment fosters innovation and drives continuous improvement in the quality and availability of sustainable materials for construction projects.
The Asia Pacific region, it is projected to experience significant growth in the Construction Sustainable Materials market over the forecast period. One of the pivotal factors driving this growth is the region's increasing emphasis on green building practices and sustainable development.
Various countries in the Asia Pacific, including China, India, Singapore, and Australia, have taken proactive measures by introducing policies and regulations to promote the use of sustainable materials in construction projects. As these economies continue to grow and urbanize rapidly, there is a growing realization of the need for sustainable building practices to address environmental challenges. Governmental support and regulatory backing have become instrumental in shaping the market landscape in the Asia Pacific region, fostering a conducive environment for the adoption of sustainable materials in construction.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 293 Billion |
| Revenue Forecast by 2030 | USD 595 Billion |
| CAGR | 10.6% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BASF SE, Bauder Ltd., DuPont, Forbo International SA, Interface Inc., Kingspan, LafargeHolcim |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options: https://www.vantagemarketresearch.com/construction-sustainable-materials-market-2198/customization-request |
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